global trading for america's economic interest. finally, i will speak about the future of the swap market triet from friday, october 12, 22, to monday october 15th, we saw a complete migration of trading activity in the u.s. natural gas and electric power markets from the cleared swaps to economically equivalent futures. by tuesday, almost none were trading in the american energy markets. this over my development in a vital u.s. market happened almost entirely because energy trading firms sought to avoid registering the dealers or major swaps participants. it happened because the cftc has further regulatory arbitrage against one product under its jurisdiction and the futures could it happened with little study or understanding by the regulators of the unintended consequences of the u.s. markets, traders or energy consumers and haven't certainly without a cost-benefit analysis. here are the concerns. first the future as asian of the swaps harms the competitive market structure that dodd-frank meant to preserve. that is the choice of